Magazine September 12, 2016, Issue

Cash Value

The Money Problem: Rethinking Financial Regulation, by Morgan Ricks (Chicago, 336 pp., $45)

It has been almost a decade since the outbreak of the Great Recession, and its causes are still being debated. This uncertainty over why it occurred does not bode well for the prevention of future recessions. Fortunately, former Treasury official Morgan Ricks’s new book provides a fresh take on the crisis that sharpens our understanding of it. It does so by looking at the design of our monetary system and considering its implications for financial stability. This novel approach is useful not only for thinking about the prevention of future recessions, but also for better understanding what exactly money is.


David Beckworth is a senior research fellow with the Program on Monetary Policy at George Mason University's Mercatus Center, and a former international economist at the U.S. Department of the Treasury.

In This Issue



Books, Arts & Manners


Politics & Policy


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The Week

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